Wednesday, May 9, 2018

The Value of a Decision Management Framework

An
organization’s ability to make excellent decisions will be a huge
differentiator in today’s ever changing business environment. The days of
leisurely decisions are numbered because of the speed and momentum of business.
Also the amount of data, information that is available for any one decision is
multiplying in an exponential fashion. More and more decisions will require the
assistance from data science and combinations of algorithms with AI assistance. Aragon Research introduces it's Decision Management Framework(DMF). Click Here for the Research note. The basic dimensions are below. Click here for a free webinar on May 11th, 2018 with more details.

While
organizations will depend on people to leverage their experience and intuition
in the best possible decisions, more and more decisions will be leveraging
automated assists for human decision making. In the new digital world more
decisions will be made in an automated fashion with significant consequences.
In fact some decisions will be made at the edge without central control, so
learning to manage these kinds of decisions that may be happening in an instant
is essential.

Another
factor being introduced in the much faster and smarter digital world is the
ability to decide on making changes in the operational reaction. These changes
could be implemented in procedures/processes, which in turn will help humans
change. The ramifications of decisions and their downstream effects require a
higher level of decision management.

Decision Management is an emerging discipline that needs a
common base architecture, a shared methodology and a set of technologies. This
research will seek to define a DMF that works for the large majority of
decisions that will occur today and the foreseeable future. The resulting DMF
will likely be used as a shared communication device for both business and IT
professionals to describe the decision context, the decision components and the
potential actions. The big reason is for better decisions consistently.

Net; Net:

Decision
Management is an important emerging discipline so learning how to leverage a
decision management framework will be well worth the effort. While decisions can’t always be purely methodological and
scientific, having an organized approach is not only helpful in many situations
and necessary in areas where there are lot of unknowns. This Decision
Management Framework is important to keep in mind when making decisions and
used as a communication device minimally. Technology markets are emerging to
support these very frameworks and will be gain significant attention in the
near future.